As the popularity of cryptocurrencies continues to expand, many people around the world are showing interest in the price moves of Bitcoin and Ethereum. BTC and ETH are the 2 top cryptocurrencies by overall cap.
According to a cryptocurrency analyst, the short-term Ethereum moves looks better and more bullish than that of Bitcoin. The analyst made a comparison to decide which coin will outperform in the month of July.
In addition, the analyst reports that the ETH/BTC pair is revealing some bullish signs. Therefore, it is more likely that Ethereum will beat Bitcoin this month.
After getting to an all-time record high on May 12, Ethereum has gone down. Throughout its drop, it has been staying on a lowering resistance path. However, the expert said that, on June 22, it formed a double bottom pattern near this same level. Thus, he reported that this is a possible bullish pattern.
Also, from its June 22 low, the current Ethereum high has been added up to an increase of 34.62%. So, according to the expert, there was no overlap with the previous high, allowing for the potential that the upward drive is impulsive.
After getting to a record all-time high price on April 14, Bitcoin has been selling in a range between $40,500 and $31,400 since May 19th. However, back on June 22, it went to a low of $28,805 before going back up.
After this, the analyst stated that its upward move came after a very bullish change with the RSI, MACD & Stochastic oscillator. “But the RSI has yet to cross over 50 and the Stochastic oscillator has formed a bearish cross,” said the analyst.
Also, he said that given the daily time frame, the price move is more bullish for Ethereum. But technical studies seem to be more bullish for Bitcoin. So, when compared to Ethereum, the short-term move seems to be more bearish for Bitcoin.
This comes at a time when the Chinese government has cracked down on Bitcoin and other cryptocurrency mining and prevented banks from provided crypto services to their customers.
Author: Scott Dowdy